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Raising Prices to Keep Up With Inflation

By July 28, 2021August 14th, 2021Blog, Profit First

Crisis Mode

Wasn’t 2020 a long year? It was a long year for us as individuals, first and foremost. But it was also a long year for governments. I know, I know, no one wants to talk about politics right now. We all have our various opinions on the competence or incompetence shown by governments around the world during this unprecedented crisis. I’m not here to talk about those. I’m here to help you increase profits. And that means looking at the facts. And the facts are that a crisis like this is a recipe for inflation.

To Get It Out Of The Way.

Disclaimer: Inflation is a deceptively complicated thing that can be caused by a variety of factors many of which are fairly counter-intuitive. A little bit of inflation is even a good thing. And basically, everything every politician or reporter says on the news is oversimplified to the point of absurdity, if not just flat out false. That’s the politics of inflation in a nutshell. Those are the things people argue about. We’re not here to have those arguments. We’re here to help you get ready to deal with inflation when it happens.

Risk Assessment

The reason why the risk of inflation is so high right now is that everywhere around the globe, governments just got hit with a massive surprise expense. They had to spend, and likely will continue to spend, trillions of dollars that they weren’t planning to spend. Historically that ripples outwards and becomes higher prices. So what do we do when prices increase? We do what we have to do: we increase our prices to match.

Harsh Reality

 Raising prices to match inflation is not really an optional thing for a business owner. When inflation happens, your business expenses will increase. And unlike other kinds of increases in expenses, inflation happens across the board. There won’t really be an option to trim the fat. If you want to be profitable and remain competitive, you have to increase prices.

You’re Worth It

If you have to raise prices, then you have to raise prices. Yes, some people will complain. Some might even leave or threaten to leave. That isn’t a failure on your part. You deserve to be profitable. You’re worth it. Customers that would rather see you go into debt than raise prices to match inflation are customers you are better off without. You might have to hustle a bit to find new customers, but those customers will be better, more reliable customers. Don’t sell yourself short. Profit is a choice. Be brave enough to make it

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